Mediaset Espana : The advertising trend remains solid but costs are up
>The valuation remains as attractive as ever with an EV/EBITDA of 3x - Mediaset España yesterday reported its Q2 2021 results, which came in below our expectations for EBITDA. The main difference was due to the cost base, which is higher than we anticipated. Management said that the advertising trend was solid during the summer and that revenues would be higher than in 2019. However, we increase our estimate for costs in 2021. This leads us to lower our EBITDA estimat...Gestevision Telecinco is a television network company based in Spain. Co. heads a group of dependent companies, which form the Telecinco Group. Through its subsidiaries, Co. is engaged in the management and commercial exploitation of a television network. Co.'s television network acquires, produces, and distributes audiovisual content. Co. also sells the network advertising airtime, carried out by its subsidiary. In addition, Co. is involved in the sale of other advertising products; production of news programs; the production and sale of audiovisual property rights; and teleshopping.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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